Facebook’s stock dropped 8.3% on June 26.
Zuckerberg is now number four on the Bloomberg Billionaires Index.
Companies are boycotting Twitter as well.
Parler is becoming popular as Conservatives look for friendlier platforms.
(NewsReady.com) – A growing ad boycott is starting to cause problems for social media giants. In the last week, many large companies announced they were pausing their advertisements. Hershey Co., Starbucks, Coca-Cola Co. and others have all suspended their ad spending as a result of activism. This is a substantial blow to the net worth of Mark Zuckerberg, Facebook’s CEO.
According to reporting, the ad boycott cost Zuckerberg $7 billion. The loss knocked him out of the top three on the Bloomberg Billionaires Index. The boycott came after protesters said social media companies haven’t done enough to censor hate speech and fake news on the platforms.
A campaign called “Stop Hate For Profit,” funded by the Anti-Defamation League (ADL), is involved. The ADL, along with other Left-leaning organizations, claim social media companies have “allowed hate and extremism” to run rampant and asked consumers to urge corporations to stop spending money on the platforms.
As of June 29, the boycott sent Facebook’s stock plummeting and Fox Business reported it cost the company $56 billion.
Questions Surrounding the Boycott
If the boycott was just about eliminating legitimate hate online, this would all be good news. What’s concerning is it seems to be an attack on Conservatives under the guise of removing harmful content.
The campaign is being run by Liberal organizations, after all. Are they the ones deciding what is and isn’t considered “hate?” How is that going to be fair to Conservatives who are often targeted by the Left for just disagreeing with them?
Does the latest news of the profit losses mean Zuckerberg is going to cave and start censoring President Donald Trump? If you’ve noticed, this boycott didn’t really pick up steam until after the Facebook CEO said he wouldn’t police the president. If this is an attempt to silence the commander-in-chief in an election year, that would have far-reaching consequences on how our democracy functions.
~Daily News for Busy People!
Copyright 2020, NewsReady.com